Patrick Industries continues recovery and posts gains
ELKHART, Ind. (Inside INdiana Business) — Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year and fourth-quarter earnings, which reflect a continuing recovery from a COVID-related slowdown.
The manufacturer, headquartered in Elkhart County, reports Q4 net income of $37.8 million, compared to $20 million during the same period a year prior. Full-year net income comes in at $97.1 million, up from $89.6 million the previous year.
The company is a manufacturer and distributor of component and building products for the recreational vehicle, marine, manufactured housing, and industrial markets.
From late March to early May, Patrick Industries suspended operations at certain facilities because of production shutdowns by certain OEM customers in response to the COVID-19 pandemic. But the company rebounded later in the year, especially in the outdoor recreational space.
“Momentum and tailwinds supporting both retail and wholesale shipments in the recreational vehicle and boating markets remained strong through the fourth quarter as outdoor recreation has seen significant growth in popularity during the COVID-19 pandemic, reinforcing our view of the attractiveness and resilience of our leisure lifestyle markets,” said Andy Nemeth, president and chief executive officer.
During the year, Patrick completed seven acquisitions: four in the marine market, two in the recreational vehicle market and one in the industrial markets.
“We continued to accelerate capital investments in our infrastructure, including automation and capacity expansion, which will allow us to flex our operations in this dynamic environment, and we reinforced our investments in human capital initiatives to develop, retain and enhance the well-being of our team members, “ said Nemeth.
Click here to view the full earnings report.